Blockchain explanation series, part-03 | advantage of Blockchain technology || 10% for @tfc
I would like to begin my discussion today by conveying my sincere greetings and love to all the members of the esteemed congregation.।
I have discussed blockchain in two previous posts. They discuss what blockchain is, the history of blockchain, and how blockchain technology works. I hope you have got the basic ideas. So today we are going to know the benefits of blockchain technology and what kind of benefits we can get as a result of using technology. In today's discussion, we will highlight those issues. Hope to be with you.
Advantages of blockchain technology:
One of the biggest benefits of blockchain technology is security. And the most popular blockchain technology for security reasons. There is no uncertainty or corruption about security. This blockchain technology is so advanced and sophisticated that every transaction in the blockchain world is cleverly encrypted by cryptography. And one block is connected to another block via hashing technology. On the other hand, due to the anonymity of the users of this technology and the fact that the information is constantly updated, there is no chance or possibility of any kind of information theft or forgery.
One of the other benefits of blockchain technology is the ease of third-party hassle. For example, how we usually transfer money through banks. Every one of our transactions is deposited with the bank due to transfer through Tu Bank. Every transaction is deposited with the bank when we are doing what we are doing, where we are sending money, or from whom we are taking money. For example, suppose you have some money in your account, basically, you don't have the money, you have the money, you are only allowed to use the money with the bank. And when you transfer the money to someone, the money will go to the bank first and then the money will go to another person after the bank gives permission. But blockchain technology is completely different. This blockchain technology has completely eliminated this third-party hassle. If you have money in this blockchain technology then they are yours. And if you want to send money to someone else, you can send it directly to a third party without any hassle. And this is why the popularity of blockchain technology has increased day by day.
Now let's come to the transparency of blockchain technology. Blockchain technology is so reliable and trustworthy that there is no room for ambiguity. Here every subject and every event takes place with clarity. When any data or information is recorded in a block of a blockchain, and the transactions of the blockchain are verified before that data is recorded. In this system, it is never possible to delete any data or information completely, although it can be deleted but that data or information is stored in a certain block. And for this reason, no data can be completely deleted or edited. Due to this the data and transparency of each block or blockchain technology are maintained equally. And also all the nodes connected to the network are always updated.
The way blockchain technology is growing in popularity nowadays. And the way people are relying on this technology, in the future Bitcoin and cryptocurrency as well as the whole world will be covered by this blockchain technology. And at some point, the benefits of blockchain technology will spread to every sector, from the banking and insurance sectors to cyber security, health, information technology and management, education, data storage, data transfer, intelligence bureaus, and government planning.
Thanks, everyone for reading this post with so much patience. I hope to appear in front of you with some more posts on the block chain.
Thanks, everyone
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